How Do You Know Your Home's Value

Your home is likely one of your most valuable assets, so it's important to have an accurate estimate of its value. Whether you're planning to sell, refinance, or simply curious about the current market value of your home, there are several ways to determine its value.

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Use Online Home Value Estimators

Online home value estimators, such as Zillow's Zestimate or Redfin's Estimate, use public data and algorithms to estimate your home's value. These estimators take into account factors such as the size of your home, the number of bedrooms and bathrooms, the location of your home, and recent sales data for comparable homes in your area. While these estimates are a good starting point, they may not be completely accurate, as they cannot take into account unique features of your home or recent updates.

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Hire a Professional Appraiser

A professional appraiser is a licensed individual who is trained to determine the value of your home based on its condition, location, and recent sales data. Appraisers typically charge several hundred dollars for their services, but their estimates are usually more accurate than online estimators. They will also take into account any upgrades or improvements made to your home that may increase its value.

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Check Recent Sales Data in Your Neighborhood

Check recent sales data in your neighborhood to get an idea of what similar homes have sold for. This information is public record and can be found through your county assessor's office or on real estate websites like Zillow or Redfin. Look for homes that are similar in size, age, and style to your home, and that have sold in the past six months. Use these sales prices as a starting point to estimate the value of your home.

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